OCC signs agreement with PA bank citing unsafe, unsound practices

“Unsafe and unsound practices” are the reason cited for an enforcement order dated April 20 between Milton Savings Bank, Milton, Pa., and the Office of the Comptroller of the Currency (OCC), according to information released by the agency Thursday.

The agreement points to “unsafe or unsound practices, including those relating to board and management oversight, internal controls, audit, and information technology controls” at the bank. Among the areas flagged for remediation are board and management oversight; maintenance and preservation of documents, books, and records; external and internal audits; and internal information technology audit.

OCC Enforcement Actions and Terminations

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